S. Korea ranks 15th in global competitiveness

Korea has improved two places in the @WorldEconomicForum International Competitiveness report to 15th in the world, one place behind Australia. The country is a world leader on the Internet of Connected Things @ICT and Macro Economic Stability. However, the country is still held back by lack of development in product market due to lack of domestic competition and labour market competition due to inflexibility and the strong power held by Chaebol (Family Owned/Controlled) Companies.